The original project would be completed under new management

Fontainebleau Strip Purchased in USD 600 M Deal

The development, originally acquired by IEP for $148 million in February 2010, was sold for $600 million.
2017-12-15
United States
Reading time 1:01 min
The partially completed casino located at 2755 South Las Vegas Boulevard went into bankruptcy in 2008, and has been 68-story eyesore on the strip ever since.

On Tuesday, Icahn Enterprises L.P. announced it had succesfully completed the sale of the unfinished Fontainebleau to an affiliate of The Witkoff Group LLC and New Valley LLC in Las Vegas.

The development property located at 2755 South Las Vegas Boulevard, and which originally had been acquired by IEP for $148 million in February 2010, was sold for $600 million.

However, the partially completed casino went into bankruptcy in 2008, and has been 68-story eyesore on the strip ever since. It's only been a few weeks since decorative wraps went up on the exposed steel and concrete at the bottom of the property.

County Commission Chair Steve Sisolak says he believes the new developer will finish the hotel-casino project.

"Up until yesterday, some more documents needed to be signed to go through with transferring the development agreement, and now they're going to move forward with the, my understanding, completion of the original project," said Steve Sisolak, Clark County Commission Chair. 

Sisolak says construction could resume rather quickly. Structural integrity tests have been ongoing on the property, and Sisolak says, as far as he knows, the permits are up to date.

That means any renewal process likely wouldn't take long, and he got the impression from the developer that they want to begin as soon as possible.

So this could be the latest piece in an apparent construction boom on the north end of the Las Vegas Strip in the last six months.

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